BNP Paribas Cardif Life Insurance announces that it is offering Creditor Protection Insurance (CPI) to the borrowers of P2P lending from ‘Funda’, a P2P (Peer-to-Peer) lending platform targeting local retail stores. By partnering with ‘Funda’, BNP Paribas Cardif Life’s CPI will be provided through ‘Funda Loan Customer Safe Insurance Service’.
BNP Paribas Cardif Life Insurance is the life insurance subsidiary of BNP Paribas Cardif in Korea, the insurance arm of BNP Paribas.
‘Funda Loan Customer Safe Insurance Service’ will be available for the borrowers of credit loan from Funda if they applied for this service. For the subscribers of the service, BNP Paribas Cardif Life Insurance’s ‘(NP) The Safe Group Creditor Protection Insurance III’ will pay off the remaining balance debt amount if the policyholder passes away or is diagnosed with permanent disability level of 80% or more during the loan period.
The insurance premium will be fully covered by Funda, and the service will be available without any additional charge for the borrowers (between 20 to 65 years old), who agree to sign up for the service with loan application. The borrowers can decide the insurable amount up to KRW 50 million based on the total amount of the loan.
Benoit Meslet, CEO of BNP Paribas Cardif Life Insurance, said: “As the types of loans gradually become diverse, the importance of safeguard that can protect ‘lenders’ as well as ‘debtors’ and ‘investors’ from the unexpected risks is increasing. We hope that the service provided through the partnership of the two companies will help the self-employed with P2P loans to concentrate on their business, and be a ‘strong safeguard’ assuring safe investment.”
 Non-payment type insurance